Investor Presentaiton
DEBT / MATURITY LEVERAGE
DEBT MATURITY
(in millions of $)
500
371
400
350
300
300
250
220
200
200
160
134
142
119100
80
87
100
70
48
9
12
0
2020
2021
2022
2023
2024
2025
■Secured Debt
■ Unsecured Debentures
320
250
250
450
45
2026
2027
Unsecured Bank Loans
14 3
2028
2029
BEYOND
Equity Accounted Investments Debt
Interest costs on refinancing available with 10 year unsecured rates around 4% and secured rates below that
■ Interest Coverage: 3.3X
Adjusted debt to adjusted EBITDA: 8.0X
(Target: 2.5X 3.0X)
(Target: 8.0X 8.5X)
Unencumbered pool: $5.7B (2.1X unsecured coverage)
■ Debt to GBV: 49.0%
■ Debt to Aggregate Assets: 42.3%
Weighted Avg Interest Rate (Secured Debt): 3.75%
Weighted Avg Term to Maturity (Secured Debt): 4.6 years
■ DBRS rating of BBB (high) with a Stable trend
SMARTCENTRES REIT | Q2 2019 INVESTOR PRESENTATION
(Target: 1.3X unsecured coverage)
(Target: 50% - 60% long-term trend to continue to de-lever)
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